Farmer Bros Co (FARM) to Acquire China Mist Brands in ~$11.3M Deal
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Farmer Bros. Co. (Nasdaq: FARM) announced that it has entered into an agreement to acquire substantially all the assets of China Mist Brands, Inc. (“China Mist”) for $10.8 million, plus a performance-based payment of $0.5 million if certain sales levels are achieved in the calendar years of 2017 and 2018.
“We believe that China Mist is an excellent strategic fit for Farmer Brothers,” commented Mike Keown, CEO of Farmer Brothers. “The addition of a strong premium tea brand with established consumer appeal, a portfolio of exceptional product offerings and a culture of sustainable practices complements our current brand portfolio. They have a well-established business with national distribution in over 20,000 foodservice locations. Dan Schweiker and John Martinson should be proud of their work building the China Mist brand over the past 34 years as pioneers in the premium tea category. We look forward to welcoming the China Mist management team and employees to the Farmer Brothers business.”
Farmer Brothers plans to operate China Mist as an independent subsidiary. China Mist will continue to operate from its Scottsdale, Arizona offices.
The transaction is expected to close in the second quarter of fiscal 2017 subject to certain closing conditions.
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